The Table Below Shows The Typical Hours Worked By Employees At A Company. A Salaried Employee Makes $\$50,000$ Per Year. Hourly Employees Get Paid $\$20$ Per Hour, But Earn $\$30$ Per Hour For Each Hour Over 40

Understanding the Problem

The table below shows the typical hours worked by employees at a company. A salaried employee makes $\$50,000$ per year. Hourly employees get paid $\$20$ per hour, but earn $\$30$ per hour for each hour over 40. This problem requires us to calculate the total earnings of both salaried and hourly employees based on the given information.

Calculating Salaried Employee's Earnings

A salaried employee makes $\$50,000$ per year. To calculate their earnings, we can simply use the given information.

Salaried Employee's Earnings Formula

The salaried employee's earnings can be calculated using the following formula:

$$\text{Earnings} = \text{Annual Salary}$$

Salaried Employee's Earnings Calculation

Using the formula above, we can calculate the salaried employee's earnings as follows:

$$\text{Earnings} = \$50,000$$

Calculating Hourly Employee's Earnings

Hourly employees get paid $\$20$ per hour, but earn $\$30$ per hour for each hour over 40. To calculate their earnings, we need to calculate the total hours worked and then apply the given rates.

Hourly Employee's Earnings Formula

The hourly employee's earnings can be calculated using the following formula:

$$\text{Earnings} = (\text{Hours Worked} \times \text{Rate for 40 hours}) + (\text{Hours Worked} - 40) \times \text{Rate for hours over 40}$$

Hourly Employee's Earnings Calculation

Using the formula above, we can calculate the hourly employee's earnings as follows:

Let's assume the hourly employee works 50 hours per week. The earnings can be calculated as follows:

$$\text{Earnings} = (40 \times \$20) + (50 - 40) \times \$30$$

$$\text{Earnings} = \$800 + \$10 \times \$30$$

$$\text{Earnings} = \$800 + \$300$$

$$\text{Earnings} = \$1,100$$

Comparing Salaried and Hourly Employee's Earnings

Now that we have calculated the earnings of both salaried and hourly employees, we can compare their earnings.

Salaried Employee's Earnings vs Hourly Employee's Earnings

The salaried employee earns $\$50,000$ per year, while the hourly employee earns $\$1,100$ per week. To compare their earnings, we need to calculate the hourly employee's annual earnings.

Hourly Employee's Annual Earnings

The hourly employee's annual earnings can be calculated by multiplying their weekly earnings by 52.

$$\text{Annual Earnings} = \$1,100 \times 52$$

$$\text{Annual Earnings} = \$57,200$$

Conclusion

In conclusion, the table below shows the typical hours worked by employees at a company. A salaried employee makes $\$50,000$ per year. Hourly employees get paid $\$20$ per hour, but earn $\$30$ per hour for each hour over 40. We have calculated the earnings of both salaried and hourly employees based on the given information. The salaried employee earns $\$50,000$ per year, while the hourly employee earns $\$57,200$ per year.

Recommendations

Based on the calculations above, we can make the following recommendations:

• The company should consider offering a higher salary to the salaried employee to make their earnings more competitive with the hourly employee's earnings.
• The company should consider offering overtime pay to the hourly employee to make their earnings more competitive with the salaried employee's earnings.

Limitations

There are several limitations to this problem. Some of the limitations include:

• The problem assumes that the salaried employee works a standard 40-hour workweek, which may not be the case in reality.
• The problem assumes that the hourly employee works a standard 40-hour workweek, which may not be the case in reality.
• The problem does not take into account other factors that may affect the employee's earnings, such as bonuses or commissions.

Future Research

There are several areas for future research related to this problem. Some of the areas for future research include:

• Investigating the impact of overtime pay on employee earnings.
• Investigating the impact of bonuses and commissions on employee earnings.
• Investigating the impact of different work schedules on employee earnings.

Conclusion

In conclusion, the table below shows the typical hours worked by employees at a company. A salaried employee makes $\$50,000$ per year. Hourly employees get paid $\$20$ per hour, but earn $\$30$ per hour for each hour over 40. We have calculated the earnings of both salaried and hourly employees based on the given information. The salaried employee earns $\$50,000$ per year, while the hourly employee earns $\$57,200$ per year.

Q: What is the difference between a salaried employee and an hourly employee?

A: A salaried employee is paid a fixed annual salary, regardless of the number of hours they work. An hourly employee is paid a fixed hourly rate, and their earnings are calculated based on the number of hours they work.

Q: How are hourly employee's earnings calculated?

A: Hourly employee's earnings are calculated by multiplying the number of hours they work by their hourly rate. For hours worked over 40, the employee earns a higher rate, which is typically $30 per hour.

Q: What is the formula for calculating hourly employee's earnings?

A: The formula for calculating hourly employee's earnings is:

$$\text{Earnings} = (\text{Hours Worked} \times \text{Rate for 40 hours}) + (\text{Hours Worked} - 40) \times \text{Rate for hours over 40}$$

Q: How do I calculate the total earnings of an hourly employee who works 50 hours per week?

A: To calculate the total earnings of an hourly employee who works 50 hours per week, you can use the formula above. Assuming the employee earns $20 per hour for the first 40 hours and $30 per hour for the remaining 10 hours, the calculation would be:

$$\text{Earnings} = (40 \times \$20) + (50 - 40) \times \$30$$

$$\text{Earnings} = \$800 + \$10 \times \$30$$

$$\text{Earnings} = \$800 + \$300$$

$$\text{Earnings} = \$1,100$$

Q: How do I compare the earnings of a salaried employee and an hourly employee?

A: To compare the earnings of a salaried employee and an hourly employee, you need to calculate the hourly employee's annual earnings by multiplying their weekly earnings by 52.

Q: What are some limitations of this problem?

A: Some limitations of this problem include:

• The problem assumes that the salaried employee works a standard 40-hour workweek, which may not be the case in reality.
• The problem assumes that the hourly employee works a standard 40-hour workweek, which may not be the case in reality.
• The problem does not take into account other factors that may affect the employee's earnings, such as bonuses or commissions.

Q: What are some areas for future research related to this problem?

A: Some areas for future research related to this problem include:

• Investigating the impact of overtime pay on employee earnings.
• Investigating the impact of bonuses and commissions on employee earnings.
• Investigating the impact of different work schedules on employee earnings.

Q: What are some recommendations for the company based on this problem?

A: Some recommendations for the company based on this problem include:

• The company should consider offering a higher salary to the salaried employee to make their earnings more competitive with the hourly employee's earnings.
• The company should consider offering overtime pay to the hourly employee to make their earnings more competitive with the salaried employee's earnings.

Q: What are some conclusions that can be drawn from this problem?

A: Some conclusions that can be drawn from this problem include:

• The salaried employee earns $50,000 per year, while the hourly employee earns $57,200 per year.
• The hourly employee's earnings are higher than the salaried employee's earnings due to the overtime pay.
• The company should consider offering a higher salary to the salaried employee and overtime pay to the hourly employee to make their earnings more competitive.